CEBU, Philippines - Government revenues in January-November period last year amounted to P1.7 trillion, with the Bureau of Internal Revenue having the biggest income collection.
Latest data from the Bureau of Treasury of the finance agency showed tax and non-tax revenues collected during the period reached P1.6 trillion and P176.6 billion, respectively. Grants also amounted to P189 million.
The BIR had collected returns of P1.2 trillion while the Bureau of Customs had P324.6 billion in tax revenues during the first 11 months of 2014.
Tax revenues are mainly sourced from the BIR and BOC while non-tax earnings are obtained from BTr income, privatization and other fees and charges.
Surplus and Deficit
The Philippines posted a budget surplus of P6.8 billion in November. However, official data posted on BTr's website also revealed revenues during the January-November period were lower than what the government spent. State expenditures contracted 8 percent, exceeding a 4 percent plunge in public revenues. Expenditures as of end-November amounted to P1.76 trillion.
The November surplus constricted the government’s collective budget shortfall as of end-November to P26.8 billion.
Majority of government money were spent for allotment to local government units, interest payments, tax expenditures, subsidy, equity, net lending and others.
Earlier, Dionisio Ledres, Jr., chief economic specialist at the National Economic and Development Authority-7, said budget surplus is usually experienced because government agencies are “not good” in spending money for projects.
The Philippine economy slowed down to 5.3 percent in the third quarter last year due to government underspending and slowing agriculture sector.
Government has targeted gross domestic product growth of 6.5 to 7.5 percent for 2014. The fourth quarter and 2014 economic data will be released this week. (FREEMAN)